the rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR KELOWNA’S HOUSING MARKET
published December 2023
table of contents
Welcome to the latest edition of the rennie review, which provides a detailed look at the Central Okanagan’s housing market. In this report, we examine the most recent MLS data for the region, including city- and neighbourhood-level stats.
02 INTRO
03 WHAT YOU NEED TO KNOW
04 FEATURED LISTINGS
05 CENTRAL OKANAGAN
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com
08 CITY OF KELOWNA
11 DOWNTOWN KELOWNA
14 WEST KELOWNA
17 AREA MAP
2 Copyright ©️ 2023 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of December 13, 2023. All data from Association of Interior Realtors & rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and 2 can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E.
it ’ s a common refrain: demand has waned
The Central Okanagan’s housing market recorded its sixth consecutive month of declining sales counts in November, as many would-be buyers have been kept on the sidelines in response to high interest rates. And with December typically representing the low water mark for monthly transactions in the year, a seventh straight month of sliding sales is likely.
buying taking place—with last month’s months-of-inventory (MOI) metric sitting at 11.0 (an MOI of less than 5 reflects conditions more favourable to sellers; 5-8 MOI reflects balanced conditions; and an MOI over 8 reflects a buyers’ market). With the finish line to 2023 in sight, expect a similar combination of still-high interest rates (what we call “macro-ality”) and the more typical seasonality to play out again in December. Indeed, sales, new listings, and inventory—which all normally experience a steep drop-off between November and December—will undoubtedly sag again this year to close out 2023, with sales and new listings diverging somewhat. This will support inventory at the margin—good news, especially, for anyone who’s on the look out for their first home.
Here at rennie intelligence, we track a number of metro housing markets in British Columbia, and there continues to be one consistent, if unsurprising, feature of each one: high interest rates are smothering buying activity. When coupled with typical seasonal undulations that, on their own, yield declining housing market activity towards the end of each year, the result is sales counts that have continued to decline into November and will also do so into December in Kelowna and beyond. There were just 202 MLS transactions in the Central Okanagan last month, which was a 14% decline from October and the sixth consecutive monthly drop. And while this may have been less than the typical October-to-November decrease (of 16%), last month’s sales were still 14% below those of November 2022 and 43% less than the past-decade average for the month.
On the new listings front, November’s total of 600 was down 15% from October—also less than the typical month-to-month decline of 25%. Despite the slowdown, new listings remained elevated compared to both one year ago (27% higher) and the past-decade November average (25% higher). The result of below-average sales activity and above-average new listings was inventory that was 23% higher than in November 2022 and 25% higher than the long-run average for the month. And while November’s 2,219 total listings were down by 4% between October and November, this compared to the more typical 11% contraction. These supply and demand dynamics led to a third consecutive month of conditions that favour buyers in November—indeed, this is somewhat ironic given the lack of actual
3 Copyright ©️ 2023 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of December 13, 2023. All data from Association of Interior Realtors & rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and 2 can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E.
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Copyright ©️ 2023 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of December 13, 2023. All data from Association of Interior Realtors & rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and 2 can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 4
central okanagan DETACHED - NOVEMBER 2 0 2 3
MONTHS OF INVENTORY 10.3 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 3% VS 2022
▲ 5% VS 2022
▲ 21% VS 2022
▼ 4% VS 2022
There were 1,241 detached listings in the Central Okanagan in November, 10% below October and 21% higher than November 2022. November detached home sales increased by 13% month-over-month, to 120, and were 4% below November 2022. The months of inventory for detached in the Central Okanagan, at 10.3, reflected a buyers' market. The detached median price in November was $967,500, a 0.4% increase from October and 5% above November 2022. The average sold price was $1,171,979, 3% above last month and up 3% to November 2022.
THIS MONTH No. $1,171,979 $967,500 10.3 120 1,241
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,134,508 $925,000 820% 125 1,025
3% 5% 26% -4% 21%
$1,132,982 $963,600 13.0 106 1,373
3% 0.4% -20% 13% -10%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
1,349
1,412
48
1,282
1,373
1,241
1,320
42
1,025
1,011
1,154
1,054
900
830
822
32
258
246
192
132
130
106
95
67
218
125
120
200
166
$1.03M
$986K
$971K
$975K
$964K
$968K
$960K
$950K
$947K
$925K
$926K
$908K
$890K
Nov-22
Oct-23
Nov-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
250
24+
24+
24+
23.4
200
20.0
150
17.0
100
8.4
7.5
6.9
50
3.6
0
<$600K
$600-799K
$800-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M
$3M+
MOI INVENTORY SALES
4 30 7.5
30 108 3.6
33 229 6.9
24 201 8.4
12 204 17.0
5 117 23.4
3 88 29.3
2 91 45.5
3 60 20.0
4 113 28.3
Copyright © December 13, 2023 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of December 13, 2023. All data from Association of Interior Realtors & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E.
●
5
central okanagan TOWNHOME - NOVEMBER 2 0 2 3
MONTHS OF INVENTORY 9.5 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 9% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 18% VS 2022
▲ 17% VS 2022
▼ 11% VS 2022
▼ 14% VS 2022
There were 400 townhome listings in the Central Okanagan in November, 1.5% above October and 18% higher than November 2022. November townhome sales decreased by 22% month-over-month, to 42, and were 17% above November 2022. The months of inventory for townhomes in the Central Okanagan, at 9.5, reflected a buyers' market. The townhome median price in November was $662,500, a 7% decrease from October and 14% below November 2022. The average sold price was $704,935, 6% below last month; the average PSF sale price was $404, down 9% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$404 $704,935 $662,500 9.5 42 400
$443 $795,979 $770,000 939% 36 338
-9% -11% -14% 1.4% 17% 18%
$442 $752,453 $710,000 7.3 54 394
-9% -6% -7% 31% -22% 1.5%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
412
41
400
364
40
394
338
325
364
325
34
307
294
276
259
247
107
75
64
54
38
88
78
71
42
36
38
44
38
$770K
$720K
$710K
$706K
$708K
$700K
$695K
$687K
$685K
$665K
$663K
$653K
$630K
Nov-22
Oct-23
Nov-23
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
80
10
24+
24+
4+ bdrms
22.7
83
60
20
3 bdrms
40
197
9.5
8.8
11
20
2 bdrms
5.8
4.6
114
0
1
<2 bdrms
<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 3 68 22.7 6 35 5.8 1 37 37.0 0 15 n/a 1 25 25.0 14 65 4.6 9 79 8.8 8 76 9.5
6
Copyright © December 13, 2023 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of December 13, 2023. All data from Association of Interior Realtors & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 6 ●
central okanagan CONDO - NOVEMBER 2 0 2 3
MONTHS OF INVENTORY 9.5 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 2% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 29% VS 2022
▼ 17% VS 2022
▼ 1.2% VS 2022
▼ 16% VS 2022
There were 578 condo listings in the Central Okanagan in November, 6% above October and 29% higher than November 2022. November condo sales decreased by 18% month-over-month, to 61, and were 16% below November 2022. The months of inventory for condos in the Central Okanagan, at 9.5, reflected a buyers' market. The condo median price in November was $405,000, a 18% decrease from October and 1.2% below November 2022. The average sold price was $449,756, 15% below last month; the average PSF sale price was $499, down 3% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$499 $449,756 $405,000 9.5 61 578
$509 $540,143 $410,000 612% 73 447
-2% -17% -1.2% 55% -16% 29%
$516 $527,220 $491,000 7.3 74 543
-3% -15% -18% 29% -18% 6%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
546
578
40
535
500
475
543
36
511
435
507
485
447
481
32
374
145
139
129
127
74
135
50
47
73
61
94
77
76
$491K
$475K
$471K
$460K
$461K
$464K
$464K
$450K
$451K
$445K
$435K
$410K
$405K
Nov-22
Oct-23
Nov-23
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
200
24+
4+ bdrms
6
22.0
20.3
150
5
3 bdrms
73
100
9.8
9.0
32
2 bdrms
50
4.8
348
1.0
0
23
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 27 130 4.8 22 216 9.8 4 117 29.3 3 61 20.3 1 22 22.0 1 9 9.0 0 20 n/a 3 3 1.0
<2 bdrms
151
Copyright © December 13, 2023 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of December 13, 2023. All data from Association of Interior Realtors & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 7 ●
city of kelowna DETACHED - NOVEMBER 2 0 2 3
MONTHS OF INVENTORY 9.7 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 18% VS 2022
▲ 2% VS 2022
▼ 3% VS 2022
▼ 1.1% VS 2022
There were 854 detached listings in the City of Kelowna in November, 11% below October and 18% higher than November 2022. November detached home sales increased by 33% month-over-month, to 88, and were 2% above November 2022. The months of inventory for detached in the City of Kelowna, at 9.7, reflected a buyers' market. The detached median price in November was $989,000, a 0.7% decrease from October and 1.1% below November 2022. The average sold price was $1,152,813, 6% below last month and down 3% to November 2022.
THIS MONTH No. $1,152,813 $989,000 9.7 88 854
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,190,111 $999,950 844% 86 726
-3% -1.1% 15% 2% 18%
$1,222,289 $996,000 14.5 66 958
-6% -0.7% -33% 33% -11%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
925
49
873
970
958
854
909
726
681
777
41
706
628
587
586
29
181
156
135
124
90
67
66
45
86
145
88
125
93
$1.06M $1.04M $1.00M $1.02M $1.04M
$1000K
$996K
$990K $1.03M $1.05M $1.03M
$989K
$885K
Nov-22
Oct-23
Nov-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
160
140
24+
24+
22.0
21.5
120
19.6
100
80
13.0
60
8.0
40
5.5
5.4
20
2.9
0
<$600K
$600-799K
$800-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M
$3M+
MOI INVENTORY SALES
2 11 5.5
18 52 2.9
25 136 5.4
19 152 8.0
11 143 13.0
5 98 19.6
3 66 22.0
2 64 32.0
2 43 21.5
1 89 89.0
Copyright © December 13, 2023 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of December 13, 2023. All data from Association of Interior Realtors & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E.
●
8
city of kelowna TOWNHOME - NOVEMBER 2 0 2 3
MONTHS OF INVENTORY 9.3 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 7% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 27% VS 2022
▲ 29% VS 2022
▼ 14% VS 2022
▼ 15% VS 2022
There were 289 townhome listings in the City of Kelowna in November, 5% above October and 27% higher than November 2022. November townhome sales decreased by 24% month-over-month, to 31, and were 29% above November 2022. The months of inventory for townhomes in the City of Kelowna, at 9.3, reflected a buyers' market. The townhome median price in November was $660,000, a 6% decrease from October and 15% below November 2022. The average sold price was $699,058, 6% below last month; the average PSF sale price was $409, down 8% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$409 $699,058 $660,000 9.3 31 289
$442 $811,558 $777,500 950% 24 228
29% 27%
$447 $746,267 $705,000 6.7 41 276
-8% -6% -6% 38% -24% 5%
-7% -14% -15% -1.9%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
289
47
287
247
276
228
257
213
216
37
207
191
177
176
173
33
81
55
48
41
33
68
56
50
31
24
32
33
27
$778K
$723K
$712K
$710K
$705K
$705K
$690K
$692K
$673K
$660K
$656K
$645K
$594K
Nov-22
Oct-23
Nov-23
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
70
6
60
24+
4+ bdrms
53
50
17.0
15
40
16.0
3 bdrms
153
12.0
30
11.0
20
9
7.3
2 bdrms
79
4.2
10
0
1
<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 6 66 11.0 7 51 7.3 3 48 16.0 2 24 12.0 1 25 25.0 0 12 n/a 1 17 17.0 11 46 4.2
<2 bdrms
4
Copyright © December 13, 2023 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of December 13, 2023. All data from Association of Interior Realtors & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 9 ●
city of kelowna CONDO - NOVEMBER 2 0 2 3
MONTHS OF INVENTORY 10.5 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 0.1% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 1.8% VS 2022
▲ 24% VS 2022
▼ 7% VS 2022
▼ 29% VS 2022
There were 430 condo listings in the City of Kelowna in November, 9% above October and 24% higher than November 2022. November condo sales decreased by 28% month-over-month, to 41, and were 29% below November 2022. The months of inventory for condos in the City of Kelowna, at 10.5, reflected a buyers' market. The condo median price in November was $396,500, a 19% decrease from October and 1.8% above November 2022. The average sold price was $457,210, 14% below last month; the average PSF sale price was $501, down 2% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$501 $457,210 $396,500 10.5 41 430
$501 $493,786 $389,500 600% 58 348
0.1% -7% 1.8% 75% -29% 24%
$512 $529,891 $488,000 6.9 57 393
-2% -14% -19% 52% -28% 9%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
430
403
402
41
381
348
347
393
385
36
356
345
343
316
284
28
117
115
110
84
110
57
96
39
58
41
60
58
40
$488K
$475K
$476K
$462K
$460K
$459K
$455K
$454K
$450K
$433K
$424K
$397K
$390K
Nov-22
Oct-23
Nov-23
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
150
24+
4+ bdrms
23.0
1
20.0
3
100
3 bdrms
47
11.5
9.0
50
21
2 bdrms
276
4.3
1.0
0
17
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 14 161 11.5 2 93 46.5 2 46 23.0 1 20 20.0 1 9 9.0 0 18 n/a 2 2 1.0 19 81 4.3
<2 bdrms
106
Copyright © December 13, 2023 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of December 13, 2023. All data from Association of Interior Realtors & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 10 ●
downtown kelowna DETACHED - NOVEMBER 2 0 2 3
MONTHS OF INVENTORY 14.3 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 2% VS 2022
▼ 31% VS 2022
▼ 32% VS 2022
▼ 42% VS 2022
There were 100 detached listings in Downtown Kelowna in November, 14% below October and 2% higher than November 2022. November detached home sales remained the same month-over-month, at 7, and were 42% below November 2022. The months of inventory for detached in Downtown Kelowna, at 14.3, reflected a buyers' market. The detached median price in November was $650,000, a 19% decrease from October and 32% below November 2022. The average sold price was $721,471, 10% below last month and down 31% to November 2022.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$721,471 $650,000 14.3 7 100
12 98
-31% -32% 75% -42% 2%
$798,714 $799,000 16.6 7 116
-10% -19% -14% 0% -14%
$1,042,075 $955,000 817%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
111
51
118
116
114
114
48
98
109
93
100
89
79
78
76
27
20
17
12
11
10
9
7
7
5
12
17
15
7
$1.09M
$1.05M
$1.04M
$1.03M $1.02M
$955K
$901K
$890K
$865K
$850K
$825K
$799K
$650K
Nov-22
Oct-23
Nov-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
25
10.0
20
15
10
5
1.3
0
<$600K
$600-799K
$800-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M
$3M+
MOI INVENTORY SALES
2 0 n/a
4 5 1.3
0 13 n/a
0 24 n/a
0 27 n/a
1 10 10.0
0 8 n/a
0 2 n/a
0 4 n/a
0 7 n/a
Copyright © December 13, 2023 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of December 13, 2023. All data from Association of Interior Realtors & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E.
●
11
downtown kelowna TOWNHOME - NOVEMBER 2 0 2 3
MONTHS OF INVENTORY 35.5 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 22% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 45% VS 2022
▼ 15% VS 2022
▼ 2% VS 2022
▼ 60% VS 2022
There were 71 townhome listings in Downtown Kelowna in November, 1.4% above October and 45% higher than November 2022. November townhome sales decreased by 71% month-over-month, to 2, and were 60% below November 2022. The months of inventory for townhomes in Downtown Kelowna, at 35.5, reflected a buyers' market. The townhome median price in November was $812,000, a 12% decrease from October and 2% below November 2022. The average sold price was $812,000, 7% below last month; the average PSF sale price was $479, down 14% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$479 $812,000 $812,000 35.5 2 71
$613 $954,600 $830,000 980% 5 49
-22% -15% -2% 262% -60% 45%
$557 $876,986 $925,000 10.0 7 70
-14% -7% -12% 255% -71% 1.4%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
80
73
74
67
71
70
49
49
52
47
49
34
30
29
25
15
8
7
6
6
6
4
3
3
3
5
9
2
27
$985K
$925K
$900K
$890K
$855K
$830K
$825K
$812K
$800K
$742K
$715K
$687K
$585K
Nov-22
Oct-23
Nov-23
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
25
23.0
4+ bdrms
20
12
15
1
3 bdrms
34
12.0
10
1
2 bdrms
5
23
0
<2 bdrms
<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 1 12 12.0 1 23 23.0 0 8 n/a 0 5 n/a 0 5 n/a 0 9 n/a 0 3 n/a 0 6 n/a
2
Copyright © December 13, 2023 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of December 13, 2023. All data from Association of Interior Realtors & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 12 ●
downtown kelowna CONDO - NOVEMBER 2 0 2 3
MONTHS OF INVENTORY 11.7 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 28% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 3% VS 2022
▲ 45% VS 2022
▼ 22% VS 2022
▼ 21% VS 2022
There were 223 condo listings in Downtown Kelowna in November, 6% above October and 45% higher than November 2022. November condo sales decreased by 10% month-over-month, to 19, and were 21% below November 2022. The months of inventory for condos in Downtown Kelowna, at 11.7, reflected a buyers' market. The condo median price in November was $390,000, a 24% decrease from October and 3% above November 2022. The average sold price was $457,342, 28% below last month; the average PSF sale price was $458, down 28% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$458 $457,342 $390,000 11.7 19 223
$636 $585,833 $379,900 642% 24 154
-28% -22% 3% 83% -21% 45%
$647 $633,652 $515,000 10.0 21 211
-29% -28% -24% 17% -10% 6%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
210
223
44
220
211
205
161
182
154
149
171
165
35
154
121
29
43
43
42
29
21
15
11
24
37
19
25
24
21
$580K
$550K
$520K
$525K
$515K
$498K
$491K
$496K
$480K
$480K
$475K
$390K
$380K
Nov-22
Oct-23
Nov-23
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
60
24+
24+
4+ bdrms
50
40
1
3 bdrms
24
30
12.4
20
8.0
11
2 bdrms
135
10
3.3
1.0
0
7
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 5 62 12.4 1 58 58.0 1 36 36.0 0 14 n/a 1 8 8.0 0 13 n/a 2 2 1.0 9 30 3.3
<2 bdrms
64
Copyright © December 13, 2023 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of December 13, 2023. All data from Association of Interior Realtors & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 13 ●
west kelowna DETACHED - NOVEMBER 2 0 2 3
MONTHS OF INVENTORY 10.0 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 0.2% VS 2022
▲ 1.0% VS 2022
▲ 24% VS 2022
▼ 21% VS 2022
There were 270 detached listings in West Kelowna in November, 7% below October and 24% higher than November 2022. November detached home sales decreased by 13% month-over-month, to 27, and were 21% below November 2022. The months of inventory for detached in West Kelowna, at 10.0, reflected a buyers' market. The detached median price in November was $850,000, a 11% decrease from October and 1.0% above November 2022. The average sold price was $1,027,037, 0.5% below last month and up 0.2% to November 2022.
THIS MONTH No. $1,027,037 $850,000 10.0 27 270
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,025,000 $841,500 638% 34 217
0.2% 1% 57% -21% 24%
$1,032,456 $950,000 9.3 31 289
-0.5% -11% 7% -13% -7%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
298
314
295
39
292
289
270
35
266
222
217
243
30
186
170
169
64
63
62
56
34
31
24
20
34
27
43
33
31
$970K
$945K
$945K
$950K
$921K
$900K
$891K
$885K
$855K
$850K
$842K
$800K
$785K
Nov-22
Oct-23
Nov-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
70
60
24+
50
18.0
40
13.0
30
9.3
8.0
20
4.0
10
2.9
0
<$600K
$600-799K
$800-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M
$3M+
MOI INVENTORY SALES
1 4 4.0
11 32 2.9
7 65 9.3
5 40 8.0
1 48 48.0
0 16 n/a
0 16 n/a
0 18 n/a
1 13 13.0
1 18 18.0
Copyright © December 13, 2023 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of December 13, 2023. All data from Association of Interior Realtors & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E.
●
14
west kelowna TOWNHOME - NOVEMBER 2 0 2 3
MONTHS OF INVENTORY 8.9 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 3% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 0.7% VS 2022
▲ 17% VS 2022
▼ 11% VS 2022
▼ 1.6% VS 2022
There were 62 townhome listings in West Kelowna in November, 7% below October and 1.6% lower than November 2022. November townhome sales decreased by 13% month-over-month, to 7, and were 17% above November 2022. The months of inventory for townhomes in West Kelowna, at 8.9, reflected a buyers' market. The townhome median price in November was $659,000, a 3% increase from October and 11% below November 2022. The average sold price was $681,686, 3% above last month; the average PSF sale price was $386, down 2% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$386 $681,686 $659,000 8.9 7 62
$376 $677,158 $737,500 1050% 6 63
3% 0.7% -11% -16% 17% -1.6%
$395 $659,938 $642,500 8.4 8 67
-2% 3% 3% 6% -13% -7%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
74
76
63
63
59
67
62
64
52
61
53
43
50
24
30
21
43
12
8
7
16
5
14
4
7
6
10
9
23
$850K
$788K
$738K
$709K
$698K
$687K
$680K
$675K
$663K
$659K
$650K
$643K
$560K
Nov-22
Oct-23
Nov-23
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
3
18.0
4+ bdrms
13
15
2
3 bdrms
10
10.0
25
2
5
4.3
2 bdrms
23
1.0
0
<2 bdrms
<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 3 13 4.3 1 10 10.0 1 18 18.0 0 10 n/a 2 2 1.0 0 4 n/a 0 1 n/a 0 4 n/a
1
Copyright © December 13, 2023 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of December 13, 2023. All data from Association of Interior Realtors & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 15 ●
west kelowna CONDO - NOVEMBER 2 0 2 3
MONTHS OF INVENTORY 7.2 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 4% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 93% VS 2022
▲ 10% VS 2022
▼ 9% VS 2022
▼ 3% VS 2022
There were 79 condo listings in West Kelowna in November, 2% below October and 93% higher than November 2022. November condo sales increased by 57% month-over-month, to 11, and were 10% above November 2022. The months of inventory for condos in West Kelowna, at 7.2, reflected a balanced market. The condo median price in November was $430,000, a 6% decrease from October and 3% below November 2022. The average sold price was $438,590, 0.4% below last month; the average PSF sale price was $441, down 16% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
11 79
10 41
-4% -9% -3% 75% 10% 93%
$527 $440,500 $457,500 11.6 7 81
-16% -0.4% -6% -38% 57% -2%
$441 $438,590 $430,000 7.2
$459 $479,800 $442,000 410%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
77
55
79
73
81
69
62
64
61
61
50
59
41
36
33
23
32
19
19
9
18
7
7
7
11
10
3
11
8
$490K
$478K
$465K
$460K
$460K
$458K
$450K
$448K
$448K
$442K
$438K
$430K
$385K
Nov-22
Oct-23
Nov-23
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
40
10.0
4+ bdrms
30
1
6.5
6.2
3 bdrms
20
7
9
10
2 bdrms
52
0
1
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 4 26 6.5 6 37 6.2 1 10 10.0 0 6 n/a
<2 bdrms
20
Copyright © December 13, 2023 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of December 13, 2023. All data from Association of Interior Realtors & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 16 ●
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